COVID-19’s total cost to the U.S. economy will reach $14T by end of 2023, new research finds

THE ECONOMIC TOLL of the COVID-19 pandemic in the U.S. will reach US$14 trillion by the end of 2023, our team of economists, public policy researchers and other experts have estimated.

Putting a price tag on all the pain, suffering and upheaval Americans and people around the world have experienced because of COVID-19 is, of course, hard to do. More than 1.1 million people have died as a result of COVID-19 in the U.S., and many more have been hospitalized or lost loved ones. Based on data from the first 30 months of the pandemic, we forecast the scale of total economic losses over a four-year period, from January 2020 to December 2023.